May 12, 2020

Milbank Named “Project Finance Team of the Year” by IFLR Asia-Pacific Awards


In recognition of its leading role on many of the most significant and high-profile finance transactions across Asia, Milbank LLP was named the “Project Finance Team of the Year” at the 2020 IFLR Asia-Pacific Awards, announced online and in a podcast published by IFLR. The firm also received the “Project Finance Deal of the Year” award for its work on the RAPID Project.

The IFLR Asia-Pacific Awards celebrate legal innovation in cross-border transactions.

During 2019, Milbank’s Asia project finance team advised on a raft of complex and high-profile project and infrastructure transactions across the region, including the landmark financing for the development of a new refinery and petrochemical integrated project (RAPID) and other associated facilities in Malaysia, the US$1.8 billion financing of the Jambaran-Tiung Biru (JTB) Gas Field, the project financing of the Riau CCGT power project in Sumatra, PT Lestari Banten Energi’s US$775 million project bond issuance, the sale of PT Indosat Tbk.’s US$450 million telecommunication tower portfolio, and Udenna Corporation’s establishment of its joint venture company with China Telecommunications Corporation creating Dito Communications, winner of the first full-service telecommunications license to be released in Asia in almost 10 years.

David Zemans, managing partner of Milbank’s Singapore office and the firm’s Asia practice, said: “Our team is honored to be recognized by IFLR as the leading legal team for project finance, highlighting an extremely strong year in the Asia market advising clients on transactions across the energy, oil and gas and infrastructure sectors.”’

The RAPID Project, which won Project Finance Deal of the Year at the 2020 IFLR Asia-Pacific Awards, was co-led by James Murray, partner in the Singapore office, and Aled Davies in Milbank’s Tokyo office. Mr. Murray commented: “We are incredibly honoured to be recognised for our work on the RAPID Project. This deal further solidifies Milbank’s reputation as a world-leading legal advisor for project, energy and infrastructure transactions.” Mr. Davies added: “This was as big and complicated as it gets; and we are delighted to have been able to play a role in bringing it to a successful signing. Achieving financial close took a high level of cooperation by the lenders, the sponsors and all of the legal teams involved and shows that even the most complex, multi-sourced financings can be accomplished when the parties are focused and committed.”

IFLR also highlighted the firm’s work on the financing for the Jambaran-Tiung Biru Gas Field Development (named “Asia Pacific Oil & Gas Deal of the Year” by PFI) and the Riau IPP in Indonesia, noting that these projects introduced innovative financing structures that will contribute to developing financing approaches across the region.

Jacqueline Chan, partner in the Singapore office who was highly active in the telecommunications infrastructure space this past year, said: “We are grateful for the recognition by IFLR and proud of our Asia team, whose seamless collaboration, innovative thinking and exceptional client service made these transactions possible.”

Milbank has one of the largest project, energy and infrastructure finance groups in the world with over 125 dedicated lawyers in its offices in the Americas, Europe and Asia. In the past five years, the firm has acted as the lead legal advisor in a wide variety of power, energy, oil/gas, natural resources and other infrastructure projects worldwide that mobilized hundreds of billions of dollars of capital. In addition to the recognition from IFLR, multiple transactions in Asia on which Milbank has advised have received deal of the year recognition from a number of other leading industry publications, including PFI, IJ Global and TXF. The firm was also recently recognized by Chambers as Indonesia International Firm of the Year 2020.